Only 3 days left! Super Micro Computer, Inc. (SMCI.US) will face a second delisting?

Notice that Super Micro Computer, Inc. (SMCI.US) investors have been waiting for the company to submit a plan allowing it to continue to be listed on Nasdaq for two months now. With just a few days left until the deadline, the plan has not yet been realized. The company must submit its delayed 10-K annual report by Monday, November 18, or submit a plan to Nasdaq for submitting the annual report to comply with the exchange's regulations. The initial deadline for Super Micro Computer, Inc. to submit this plan was November 16 (Saturday), but according to Nasdaq rules: if the last day of the deadline falls on a Saturday, Sunday, federal or Nasdaq holiday, the deadline will continue until the end of the next business day. A spokesperson for Super Micro Computer, Inc. stated, "As we have previously disclosed, Super Micro intends to take all necessary steps to satisfy Nasdaq's continued listing requirements as soon as possible." After short-seller Hindenburg Research released a negative report, Super Micro Computer, Inc. postponed the release of its annual report in August. The company is also facing an investigation by the U.S. Department of Justice, and their auditor, Ernst & Young, resigned in October due to concerns about the company's governance and transparency. This week, Super Micro Computer, Inc. delayed the submission of its quarterly 10-Q filing for the period ending September 30. The company also stated that the committee established by its board to review internal controls has completed an investigation into the issues raised by Ernst & Young, and while "additional work is ongoing," the review is expected to be completed soon. Wedbush analyst Matt Bryson stated, "Regardless of the outcome, it could impact their plans," referring to hiring a new auditor and submitting financial reports. "I would not be surprised if news comes out in the next few days." Since announcing the delay of their annual report in August, Super Micro Computer, Inc. stock has dropped nearly 70%. This is a larger decline compared to the record high in March. During this period, the stock has plummeted by 85%, with a market value decrease of over $55 billion. If the company's plan is approved by Nasdaq, the submission deadline may be extended to February. If the plan is not approved, the company can appeal the decision. The consequences of missing Nasdaq's deadline could be severe. If the company is delisted, it likely means being removed from the Standard & Poor's 500 index, which Super Micro joined this year. If the company is delisted from Nasdaq, they may also face early repayment of $1.725 billion in bonds. This is not the first time Super Micro Computer, Inc. has been delisted. In 2019, their stock was delisted from Nasdaq for failure to timely submit the 10-K report and several quarterly reports. "I have never seen a company have this problem twice," analyst Bryson said. "I don't know what the impact will be." Super Micro Computer, Inc. was approved to rejoin Nasdaq in 2020. That same year, the company paid a $17.5 million fine to settle a Securities and Exchange Commission investigation into its accounting. As part of the settlement agreement, Super Micro Computer, Inc. neither admitted nor denied the regulator's charges. This year's challenges mark a turnaround from the company's stock price surge in early 2024, driven by the artificial intelligence boom, which led to their inclusion in the Standard & Poor's 500 index. In an early November business update, the company provided weaker than expected outlook, forecasting revenue between $5.5 billion and $6.1 billion, far below Wall Street's estimate of nearly $6.8 billion.